Crafting accounting standards is an inherently complicated undertaking. As part of a larger convergence effort, both the London-based International Accounting Standards Board (IASB) and the Norwalk, Conn.-based Financial Accounting Standards Board (FASB) are working on improvements on the accounting for insurance contracts.
The goal is to provide greater transparency and more relevant information about an insurer’s financial position and financial performance. The IASB recently released an exposure draft detailing its proposed changes and the FASB is expected to follow with their own recommendations later this month.
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